Alex Reuss, 402-471-1970
Justin Pinkerman, 402-471-1967
Governor Ricketts meets with UK insurers as part of trade mission
Governor Ricketts (third from right) and members of the Nebraska Trade Mission delegation
at a meeting with the Association of British Insurers today in London.
LONDON, UNITED KINGDOM – Today, Governor Pete Ricketts and leaders from Nebraska’s insurance industry met with the Association of British Insurers (ABI) at its London headquarters. The roundtable provided a forum to discuss strengthening ties between Nebraska’s thriving insurance market and UK insurance companies.
“American states look to Nebraska for guidance when developing regulatory frameworks,” Governor Ricketts said. “Our reputation for fair, consistent and transparent regulation has attracted investment from domestic and international insurers. The UK insurance industry is the largest in Europe, with a history of innovation. ABI’s advocacy has played an important role in its success. Our team greatly appreciated and benefited from our conversations with ABI management. Thank you to the ABI for your enthusiasm in developing the relationship between the State of Nebraska and the dynamic insurance industry in the UK.
“Collaboration is key to driving growth and innovation, and the US insurance market is well developed and with which we have a strong two-way relationship,” said Charlotte Clark, ABI’s Chief Regulatory Officer. “Nebraska is a key part of this market. We are always looking for ways to learn and share our own knowledge with other markets and we are delighted to meet Governor Ricketts and his team. This discussion is key to continuing to build a mutually beneficial relationship between the UK and Nebraska, where we can better understand each other’s processes, develop new ways of thinking and ultimately ensure that the industry remains competitive and best in class for consumers. .”
This year, Governor Ricketts signed Legislative Bill (LB) 863 into law to make it even more attractive for insurance companies to do business in the good life. Prior to the legislation, Nebraska insurers doing business in the UK could be subject to dual regulation, from both the state of Nebraska and the UK. LB 863 allows insurance companies to be covered by a single regulatory system, making it easier for them to serve their customers.
Nebraska has more than 120 national insurers and ranks first nationally in total capital and surplus with $395 billion. These insurers represent more than $949 billion in total assets, which ranks Nebraska third in the nation. National Insurers in Cornhusker State employ 16,000 Nebraskans.
The Association of British Insurers represents over 200 member companies. Collectively, its members manage investments of almost £1.7 trillion.